What to do when you want to sell kit onHP/finance

[Matthew Storrs]

6 minutes ago, Stephen Blair said:

It’s not yours to sell.

Anyone who has any common sense will ask if there’s an HP, if you say no then you are lying and at fault.

If they don’t ask and there is and you say nothing, you are lying and at fault and would be taking advantage of someone.

Call up your finance and ask for a settlement figure, if there is interest in the finance they usually add this on in a oner then your payments are knocked off that total.

So you could still have 3k plus interest to pay on a machine worth less than you paid for it.

If it’s a 0% finance deal like most offer then it’s a better situation.

Ask for the settlement, have a look around and see what it’s worth.

Hopefully it’s about the same. If someone wants it, you show them the settlement figure that’s valid up to a certain date. If you want more for it and can get more, they pay that amount to the finance and they will send you the change. Or if they trust you and it’s a mate, get them to pay you and you pay it. If less then you pay the pitfall to make it up.

Just remember, the guy who sold you it is a salesman, he isn’t in the business of buying a machine back to help you. So you might get passed straight to finance.

 

 

Good post, thanks. I certainly wouldn’t sell it with out asking the finance company what to do first.

i fear that the whole procedure may well end up losing me too much money- in which case I will have to live with the purchase and try and make the best of the machine untill such a time where it has done enough work to justify the depreciation. At the moment it’s only done 50hours!

thanks for your help everyone.

 

 

[Mick Dempsey]

I know the feeling of buying something expensive that you réalisé quickly was a mistake.

 

I kept my Land Rover tipper for 5 years before finally selling it, the release when I finally got shot was wonderful.

 

Take the hit now, get what you really need, move on.

[LGP Eddie]

Give a guy called Ross at Sandhill Plant a call.

Absolutely brilliant service, he will give you all your options on your finance and sell it for you as a Dealer so other prospective purchasers can also get finance on the unit which opens up the market.

He did me a fixed fee on two Kubota’s I’ve sold, sorted the listings on Mascus etc and more importantly weeds out all the tyre kickers.

He moves a lot of kit and has a great reputation.

 

 

Eddie.

[richy_B]

I have bought a machine that had finance on it. Seller was completely upfront about it but it was a pain in the arse.

We agreed a price he'd sell for, we then contacted the finance company and asked for a final settlement figure. I then had to make them the payment and they would 'release the title' I think they called it. I then paid him the balance.

It was all done via BACS and on the phone whilst I physically sat beside the machine, lots of communication and hassle before. Totally honest, there felt like so many ways you could get scammed. I only did it as the deal was really good - Had to be really or no-one would touch it.

My advice would be to decide you definitely want to sell it then take out an unsecure loan for the finance settlement figure. Clear the finance and you have a straight forward private sale. I reckon most buyers will be put off and the sale price will suffer.

[donnk]

On 07/10/2018 at 20:02, Matthew Storrs said:

Good post, thanks. I certainly wouldn’t sell it with out asking the finance company what to do first.

i fear that the whole procedure may well end up losing me too much money- in which case I will have to live with the purchase and try and make the best of the machine untill such a time where it has done enough work to justify the depreciation. At the moment it’s only done 50hours!

thanks for your help everyone.

 

sell digger, the purchaser pays the finance comp direct, you make up any loss.

 

Expensive mistakes are the best ones to learn from.

[ross_sandhill]

On 07/10/2018 at 20:28, LGP Eddie said:

Give a guy called Ross at Sandhill Plant a call.

Absolutely brilliant service, he will give you all your options on your finance and sell it for you as a Dealer so other prospective purchasers can also get finance on the unit which opens up the market.

He did me a fixed fee on two Kubota’s I’ve sold, sorted the listings on Mascus etc and more importantly weeds out all the tyre kickers.

He moves a lot of kit and has a great reputation.

 

 

Eddie.

Thank you Eddie, I know I am late but i just wanted to thank you for your recommendation 

[topchippyles]

On 07/10/2018 at 10:44, Matthew Storrs said:

It’s a 1.8t digger. I bought it from new and really just too small for most of my work I seem to be getting in. generally depreciation is low but that would be over a few years not 3 months!

Hiring it out would break my heart, but I see your logic. TBH I think I just want it gone and start again with the bigger machine, I’m just figuring out the best method of loss limitation!

Can you not put the machine back in and part exchange for the one you require and then transfer the finance to the newer one,Sure the dealer can help.

 

On 07/10/2018 at 10:44, Matthew Storrs said:

 

 

Edited March 19, 2019 by topchippyles

[Mark Bolam]

On 13/10/2018 at 23:00, donnk said:

 

sell digger, the purchaser pays the finance comp direct, you make up any loss.

 

Expensive mistakes are the best ones to learn from.

What a belter that last line is donnk!

 

How did it end up @Matthew Storrs?

[Matthew Storrs]

1 minute ago, Mark Bolam said:

What a belter that last line is donnk!

 

How did it end up @Matthew Storrs?

Er- no where yet as I had a few jobs lined up for it- not being VAT registered is the main issue as will loose all the money I paid for the VAT which in this case is about 4K- plus depreciation and I’ve only put 200 hrs on it in 6 months.

Expensive mistake indeed

[Yorkshire Brummie]

Er- no where yet as I had a few jobs lined up for it- not being VAT registered is the main issue as will loose all the money I paid for the VAT which in this case is about 4K- plus depreciation and I’ve only put 200 hrs on it in 6 months.
Expensive mistake indeed

Hello Matthew,
Apologies if it already been said, but is it not worthwhile putting some”feelers” out for someone who also isn’t VAT registered in buying the machine off you?
Worth a punt for 3 months or so whilst the machine is bringing you in some work, you never know someone may come along wanting a low hours owner operator machine and you may not lose out as much as you would chopping it in commercially.
Best of luck
Ian